The overall gas sensors market is expected to be valued at USD 1,297.6
million by 2023, growing at a CAGR of 6.83% between 2017 and 2023.

The major factors driving the growth of the gas sensors market include
increasing enforcement of occupational health and safety regulations by
the government, MEMS-based sensors, development of miniaturized wireless
sensors, and increasing awareness of air quality control among users.
Advanced technologies, e.g., MEMS-based fabrication of sensors create
the opportunity for the gas sensors market to grow. This technology has
enabled miniaturization, production in high volume, and low-cost
integration with electronics.

The gas sensors market for the oil & gas industry is expected to account
for the largest market share by 2023 as a result of increasing oil & gas
projects, replacement of obsolete sensors, and continuously increasing
demand from oil & gas industries from emerging economies. Increasing
shale gas production in the US will also drive the gas sensors market in
the US.

The consumer electronics segment is expected to grow at the highest rate
as gas sensors are expected to be integrated into smartphones, tablets,
and wearable devices to detect gases such as alcohol, carbon monoxide,
carbon dioxide, nitrogen dioxide, and VOCs.